Nordea stiller et klart spørgsmål: Står vi over for en grøn boble, ligesom vi stod over for en it- og dotcom boble i 1999? Vil statsstøtte til klimainvesteringer og centralbankpolitik være med til at skabe en klima-boble med det sigte, at redde verden?
Uddrag fra Nordea:
The ECB and Davos – a green bubble to save the world?
The ECB’s January decision will be unveiled Thursday 23 February, at which point Mrs Lagarde will reveal more about the strategy review’s “parameters” – not that anyone knows what that means.
Chart 4: In 1998 the Fed’s easing fuelled the dotcom bubble, what are the 2019 cuts doing…?
It may be more interesting to see what the Davos elites are up to with regards to green new deals and the like. If green new deals are coming, investors might want to front-run that – especially if the deals will be financed with tax payer or central bank money (climate QE, or perhaps via helicopter-smelling green TLTROs). Financial repression/regulation could also help create price-inelastic demand for green assets, meaning valuation will continue to not matter.
In 1998 the Fed’s precautionary cuts helped fuel the dotcom bubble. The precautionary cuts in 2019 might be doing something similar. It could be that 2020 is 1999, but with green/ESG being the new dotcom/IT– perhaps policy-makers are blowing a green bubble to “save the world”?
